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June 3, 2010

Canadian Banks want Immigrant Business

Canadian banks are moving in the market of newcomers, with Chequing accounts, credit cards and safety deposit boxes waiting upon their arrival. Scotiabank has a Start-Right program for those planning a move to Canada. The paperwork can be completed before leaving their home country, part of a pre-immigration workshop.

Banks are looking to build brand loyalty among the fast-growing new Canadian customer base. On average, immigrants choose where they open their first Canadian account within two days of arriving. However, almost all immigrants will not have any Canadian credit history when they arrive, which prevents them from a wide array of services and products. However, banks are now trying ways to offer loans. For example, Scotiabank recently started an auto loan program for new immigrants at car dealership.

Efforts are now being made to expand the language services and capabilities of the banking staff and equipment. As well as tailoring products to the immigrant experience. For example, having to spend money back to their home countries, and even considering their credit rating there or offshore income.

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